KARACHI:
Gold jumped by Rs472 to a record Rs43,114 per 10 grams in the local bullion market on Wednesday, as its international price also touched a lifetime peak of $1,579 an ounce.
The per tola (11.7 grams) price also increased by Rs500 to record a Rs50,300. Gold had last peaked on June 2, 2011 in the local bullion markets when 10 gram gold had been valued at Rs42,642 and its tola prices had been Rs49,750.
According to Karachi Saraf Association President Haroon Chand, the bullion market was bullish as international prices were soaring and investment-wise interest in gold was high. However, he added that gold jewelry purchasing continued to remain low.
In the international bullion market, gold struck a record high close to $1,580 an ounce on Wednesday, as investors flocked to the safe-haven precious metal on renewed tensions over the eurozone debt crisis.
The price of gold reached $1,578.73 an ounce, beating the previous record of $1,577.57 set on May 1, according to AFP.
Published in The Express Tribune, July 14th, 2011.
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